retirement: Retirement Planning Strategies for the Self-Employed
- 10/04/12 02:24 AM
Some of you Rainers may be working a 9-to-5 job and others of you may be freelancers with irregular paychecks. Whatever kind of position you work, it’s safe to say many of us are looking forward to retirement in the future.
Depending on your employer, you may have an employer-sponsored investment account like a 401(k). But others who are self-employed may have a little more difficulty planning for retirement.
Even so, freelancers still have options when it comes to retirement planning. Some strategies include:
1. Getting serious about saving. It’s your responsibility to put money aside for a retirement account
2. Getting … (2 comments)
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retirement: How To Make An Effective Savings Strategy
- 08/01/12 12:03 AM
People are constantly preached about the importance of saving money, but some of your clients may not know where to start when it comes to a savings strategy.
Having an effective plan for saving money begins by identifying what you want out of life and what makes you happy. You need to know why you’re saving before you actually start saving.
Here are some steps to take before you start saving money:
1. Do some soul searching and figure out what you want to spend money on to live a happy life
2. Prioritize to figure out what you want … (0 comments)
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retirement: Why Now's the Time to Buy a Retirement or Vacation Home
- 06/14/12 04:04 AM
It’s summertime, and you and many of your clients may be planning a vacation for some fun in the sun. But rather than rent a hotel room for a few days, why not make an investment on a vacation or retirement home?
It’s a buyer’s market, and purchasing property may mean greater appreciation later. This may be the last chance to take advantage of the historically low prices in a resort location perfect for those family getaways.
According to Realtor.com, these five destinations have slow recovering markets and are great places to find a deal this summer:
1. The median listing … (2 comments)
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retirement: Savings Accounts and Retirement
- 03/13/12 02:15 AM
It's indoctrinated into our lives that we need to prepare for retirement. How much we may need, how we need to accomodate our lifestyles. The list is endless. But the practical side of being retired may still need some direction.
On today's Equifax Finance Blog, New York Times best-selling author and retirement expert Dan Solin explains a very specific part of your retirement strategy: When to withdrawal from your savings accounts. With all of the accounts from 401(k) plans to IRAs, annuities, taxable accounts and pensions, it can be difficult to know when to use what and it can be … (0 comments)
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retirement: Planning for Big Purchases During Retirement
- 02/28/12 03:08 AM
Retirement is the ultimate reward for a hard work and smart financial planning during your working years. However, it may not be a comfortable and stress-free time if you have not ensured yourself enough money for big-ticket purchases and other unexpected expenses (on top of everyday expenses) during retirement.
Financial planner Jeff Rose offers his tips in today’s Equifax Finance Blog on how to prepare your retirement strategy to include big purchases and other expenses during retirement.
Rose points out three keys for a stress-free retirement:
1. Have a 401(k) or similar retirement savings plan.
2. Invest in mutual funds.
3. … (2 comments)
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retirement: What Kind of Retirement Do You Want?
- 02/22/12 01:02 AM
What kind of retirement do you want? You probably have a dream answer and a practical answer. With economic instability, many are growing more reasonable with their retirement plans. But what is the difference between the dream retirement and the reasonable one? Your retirement savings.
On today's Equifax Finance blog, fellow blogger and Illinois Certified Financial Planner Jeff Rose explains the many factors of retirement and the real costs. Retirement isn't just saving enough money for what you're spending now, it's ensuring you have the ability to do other things:
Where do you want to retire? In the same home you … (6 comments)
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retirement: Could You Benefit From the Savers Tax Credit?
- 09/29/11 07:30 AM
In a tough economy, it's even harder to save money. It's tempting to reduce your 401(k) contributions or to dip into a "rainy day fund" to cover basic expenses. If you and your family need incentives to save, check out Eva Rosenberg's post today on the Equifax personal finance blog. There, Eva outlines the IRS' saver's tax credit, a tax break up to $1,000 for individuals and families. The credit is designed to help people who aren't making the big bucks (under $27,750 for an individual, under $55,000 for married couples filing jointly) but who still contribute to their IRAs or … (4 comments)
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retirement: The Ins, Outs And In-Betweens Of Savings Bonds
- 04/26/11 04:49 AM
What are the best ways to use savings bonds? Retirement expert Roger Wohlner explains on today's Equifax Personal Finance Blog how savings bonds are great avenues for savings but depending upon your long-term goals, they might not be best for you.
Either as a thoughtful gift or a sound investment, savings bonds uses are as diverse as their benefits:
Insured for full faith and credit by United States government. Can be purchased directly from government with no brokerage or agent fees. If bonds are used for higher-education, interest may be excluded from federal income tax.
But depending upon when … (0 comments)
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retirement: Taking Out a Mortgage in Retirement? 6 Questions to Ask Yourself First.
- 03/22/11 04:31 AM
Making a decision about taking out a mortgage is difficult for anyone at any stage of life. But it's even more complicated for those on a fixed income. Do you know the right questions to ask yourself before you sign?
Equifax Personal Finance Blog contributor Roger Wohlner lays out the 6 questions that every retiree will need to answer for themselves before proceeding with the purchase of a home.
The first three questions relate to your retirement lifestyle and the impact of borrowing on your estate:
1. What will my cash flow look like in retirement? Without the secure funds to … (4 comments)
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retirement: Do You Need Long Term Care Insurance?
- 01/27/11 01:53 AM
When most of us think about our final years, we consider our life insurance policy and whether it would be enough to protect our families. But what about costs related to hospice care, in-home nursing, or assisted living? My colleague Linda Rey has written a very informative blog post on long term care insurance, including what it covers, and who can most benefit from the policy.It may not be for everyone, but some of the benefits of having long term care insurance include:
Receiving tax-free money when you get sick Avoiding spending your whole life savings on medical care Claiming tax deductions … (1 comments)
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retirement: Clients' Top Three Investing and Retirement Fears
- 01/25/11 04:35 AM
My colleague Dan Solin is a retirement and investment expert who's heard a lot of concern from his clients lately. It makes sense. Investors have a lot to be fearful of these days. They have legitimate concerns about the deficit, the state of the economy, and high unemployment rates.But, Dan says, it's not just economic abstractions. The fears have become personal. His clients are afraid of running out of money, or being hit by larger economic forces that they have no control over.
How can he help them avoid their fears and plan wisely? Check out his response to his clients' top … (1 comments)
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retirement: Retirement Planning: So Many Choices, So Little Time
- 01/18/11 02:16 AM
Many employees have choices when it comes to retirement planning. Here are three common retirement-planning choices:
A Roth 401(k) A traditional 401(k) A Roth IRA How do you decide which option is best for you? There are many factors to consider in retirement planning, starting with which choices are available to you. Since not everyone qualifies for a Roth IRA, you have to make sure that your 401(k) plan has a Roth option. There are also tax differences, contribution limits, and practical consequences to consider. If you're not sure what option is right for you, read through Dan Solin's guide to … (0 comments)
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retirement: Roll Over Your 401(k) to an IRA and Take Control of Your Retirement Planning
- 01/11/11 01:57 AM
With record unemployment rates, many employees are confronting the decision of how to handle the funds in their 401(k) plan when they leave their present employment. It's a tough spot to be in. You've been saving for years for a retirement that may look very different than you thought it would.
The solution for most people, according to retirement expert Dan Solin, is to roll over your 401(k) into an IRA. Of course, this isn't a no-brainer. When it comes to creditors, 401(k)s offer better protection, while the protection afforded by IRAs varies by state. Still, he says, rolling over your 401(k) … (1 comments)
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retirement: Maximize Your IRA Benefits With An Inherited IRA
- 12/14/10 12:37 AM
Whenever people start to talk about IRAs and estate planning, you can almost see the numbness come over an audience. I can understand why confronting your own mortality comes well behind the name of the latest contestant to be kicked off Dancing with the Stars on the interest scale.But one aspect of IRAs is genuinely exciting, because it permits you to take a humdrum, modest IRA and turn it into a huge windfall for your heirs. It’s very easy to achieve this goal. Just leave an IRA to a beneficiary of your choice.This advice comes from Dan Solin, author of The Smartest … (2 comments)
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retirement: Running Out of Money: Retirement Withdrawal Strategies in a Low Interest Rate Environment
- 11/09/10 02:02 AM
My fellow Equifax blogger and retirement expert Dan Solin gets a lot of questions about retirement. Lately, the questions he's been hearing most are: What percent of my retirement funds can I safely withdraw without fear of running out of money? How can I generate enough income from my portfolio in this low-interest-rate environment?
Here's the advice he gives people who are concerned about saving enough for retirement in this low interest rate environment:
Understanding the role bonds play in your portfolio is critical to both of these questions. Bonds (including treasuries) should not be viewed as a source of income. … (4 comments)
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retirement: Are You Optimizing Your Retirement Contributions?
- 10/27/10 03:07 AM
There are two things we can be sure of in our old age: First, that Social Security won't be able to support us when we retire, and second, that most Americans are living longer than ever before. My fellow Equifax blogger, the "Tax Mama" Eva Rosenberg, shares her strategies for making sure your retirement is financially secure: Let's start with a few definitions.
Deferred-Tax and After-Tax Contributions
Deferred-tax contributions reduce your current taxable income. You don’t pay any IRS or state income taxes on those contributions, or on the earnings in these accounts. You will pay taxes later, when you … (0 comments)
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retirement: Participating in your Company's 401(k) Isn't a No-Brainer Anymore
- 10/19/10 03:09 AM
Most financial experts believe you should invest the minimum necessary to obtain the maximum corporate match. This makes sense. But what if your employer no longer matches? Equifax personal finance blogger and retirement expert Dan Solin has some advice. When debating whether or not to contribute to your 401(k), there are other issues to consider. These factors are rarely discussed in the financial media:
Your 401(k) contributions are tax-deferred, not tax-free. That means when you make withdrawals, you’ll have to pay taxes on the full amount withdrawn, at your marginal ordinary income tax rate on the date of withdrawal. Even if … (0 comments)
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retirement: What's New With Reverse Mortgages?
- 10/15/10 04:55 AM
If you are over 62, you may have considered getting a reverse mortgage, but are you sure you have all of the facts?
Reverse mortgages allow seniors to tap into their home equity and not pay anything back until they either sell the house or are no longer living in it as a full-time resident.
To tap the equity, of course, you must have it to begin with, and that is a major problem these days for seniors living in areas where home values have plummeted in the last three to five years.
In August, the Federal Reserve Board proposed enhanced … (0 comments)
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retirement: All Money Market Funds Are Not Created Equal
- 10/12/10 08:33 AM
Thomas Jefferson got it partly right when he stated, in the opening lines of the United States Declaration of Independence, that “all men are created equal.” He should have included “women,” but I digress.
Unlike all men and women, all money market funds are not created equal. It’s important that investors understand the differences.Let’s start by looking at exactly what a money market fund is—and isn’t. A money market fund is a mutual fund. It’s legally required to invest in “low-risk” securities. Money marke t funds pay dividends that usually reflect short-term interest rates.Money market funds invest in government securities, certificates of deposit, and commercial … (1 comments)
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retirement: Retirement: Maximize Your 401(k) Returns
- 10/05/10 04:48 AM
I have a low regard for the 401(k) system. It’s supposed to provide a tax-deferred way for plan participants to save for retirement. Instead, it is a trough from which advisers, brokerage firms, and mutual fund families feed, depleting returns by billions of dollars of obscene fees every year.And they’re the ones who are supposed to be helping you maximize your 401(k) returns.The basic problem is the interest of these vendors is in direct conflict with the interest of plan participants. The vendors want to maximize profits. They achieve this goal by populating the plan with expensive, actively managed mutual funds (where the fund manager … (0 comments)
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